Himatsingka Seide plans Rs 40cr capex

The board of directors of Himatsingka Seide, which met today, approved a new project for the production of bed linen fabrics with an investment of Rs 40 crore.

According to a release issued by the company to the BSE today, the new unit will have a capacity of 20 million meters per annum. "The plant will be located at the Hassan SEZ, Karnataka. The government of Karnataka has allotted 100 acres within Hassan SEZ for the project," the release added.

The project is scheduled to be completed within 12 months, and construction is likely to begin by September 2005. "The project will be financed through internal accruals and a term loan from the Technology Upgradation Fund (TUF) of the central government," the release said.